Allianz Global Investors (AllianzGI) has agreed to acquire UOB Asset Management (UOBAM) from United Overseas Bank (UOB) Group in Singapore. This move is very important for Allianz as it continues to grow its business in the Asia-Pacific region. Once the deal is done, AllianzGI’s total assets under management in the region will increase to more than $196.4 billion (€170 billion).
The acquisition will also help AllianzGI expand into several fast-growing markets in Asia. These markets include Thailand, Malaysia and Vietnam. At the same time, it will strengthen the company’s current presence in countries such as Singapore, Taiwan and Indonesia. Through this deal, AllianzGI will also gain access to UOBAM’s investment knowledge and experience in South-East Asia. UOBAM offers a range of investment products, including regional and country-focused equity funds. It also manages Sharia-compliant funds, which follow Islamic financial principles.
In addition, the agreement includes a long-term partnership between AllianzGI and UOB. This will give AllianzGI access to UOB’s large retail customer base across South-East Asia. UOB currently serves more than 8 million customers in the region. This will help AllianzGI reach more investors and offer a wider range of investment products. Tobias Pross, Chief Executive Officer of AllianzGI, said the company is pleased to combine UOBAM’s strong local expertise with its global investment platform. He believes the deal will help AllianzGI grow faster and provide better investment and retirement solutions across Asia.
Wee Ee Cheong, Deputy Chairman and CEO of UOB, said the agreement will allow the bank to focus more on wealth advisory and product distribution. He also said UOB is committed to ensuring a smooth transition for both customers and employees. Overall, the acquisition is expected to strengthen the company’s position in Asia while allowing UOB to focus more on its core banking and wealth management services.
